100 Group voices IASB concerns

Some of the UKs largest businesses have questioned the benefits of the
International Accounting Standards Board’s new policy to fast track corrections
in its standards.

The UK100 group raised concerns over proposals that would see corrections to
existing standards introduced with almost immediate effect, without the
publication of a revised standard for consultation.

It also suggested that the need for the corrections to be endorsed by the
European Commission could ‘negate the benefits of having a fast track process’.

Sondra Tarshis, head of accounting policy at Barclays, said: ‘The IASB should
aim to get it right first time.’

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Fiona Westwood of Smith and Williamson.